Management of biometric information

Abstract

Fraud risk is monitored in financial transactions. Biometric information is received over the communications interface configured to exchange data with multiple distinct financial institutions. The received biometric information is compared with a database of biometric information to identify an individual. A fraud-detection analysis is performed on the financial transaction information associated with the individual. The financial transaction information associated with the individual is identified as suspicious in accordance with a result of the fraud-detection analysis. The biometric parameters associated with the individual are designated as associated with suspicious financial activity.

Description

BACKGROUND OF THE INVENTION [0001] This application relates generally to biometrics. More specifically, this application relates to management of biometric information used in fraud-detection analyses for financial applications. [0002] In recent years, there has been a steadily increasing emphasis on the potential for using biometrics to identify individuals reliably. Generally, “biometrics” refers to the use of statistical analysis to characterize living bodies, with such characteristics commonly being used to identify human individuals. Different physical features may be used for the characterization, with a widely known and conventional form of biometric being fingerprints. Other physical features that may be used for biometric functions include geometrical facial structures, structures of the iris or retina in eyes, geometrical structure of a person's hand, vein structure, voiceprints, and the like. [0003] At the same time as biometrics have been developing in sophistication as ...

AI Technical Summary

Problems solved by technology

At the same time as biometrics have been developing in sophistication as potentially useful mechanisms for identifying individuals, there has also been a separate increase in various types of fraud, one example of which is the phenomenon of “identity theft,” in which a victim's identity is misappropriated and used fraudulently to gain access to the victim's financial affairs.

The cost of fraud is large, not only in terms of the cumulative financial impact of the large number of instances that now routinely occur, but also in terms of its impact on victims.

It is considerably more difficult to reproduce forgeries of biological characteristics than it is of paper documents, and certainly much more difficult to engage in their actual theft.

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